OHB SE Poised for Major Defense Contract Amid Strong Operational Growth

German aerospace firm OHB could win a €10B Bundeswehr satellite contract. It also posted a 24% order surge for 2025 and raised its 2026 targets.

The German aerospace and technology group OHB SE could be on the verge of securing the most significant contract in its 25-year history as a public company. The Bremen-based firm is part of a consortium, alongside Rheinmetall and Airbus Defence and Space, positioning for the award of the German Bundeswehr's SATCOMBw Stage 4 satellite communications project—a program valued at up to €10 billion.

Financial Performance Sets Strong Foundation

Independent of this potential defense mega-deal, OHB's underlying business is demonstrating robust momentum. For the 2025 fiscal year, the company reported a 24% surge in order intake to approximately €2.1 billion. Management, during its Capital Market Day in January 2026, revised its targets upward. It now aims for total output of €1.4 billion with an EBITDA margin of 11% in 2026, and expects to surpass the €2 billion total output mark by 2028.

The consortium's bid for the Bundeswehr project remains pending final government approval. In early March, OHB confirmed via a mandatory announcement that discussions regarding potential cooperation on public tender procedures were ongoing. Successfully winning this contract would fundamentally reshape the corporation's order structure.

Civilian and Scientific Business Gains Traction

Growth is not limited to the defense sector. The European Space Agency (ESA) recently awarded OHB an €81 million contract for the RAMSES asteroid mission, underscoring the expanding role of its scientific spacecraft division.

Regarding corporate governance, the founding family retains control of about 65% of OHB's shares. Although the private equity firm KKR has acquired a stake of just under 29%, the company's management clarified in early 2026 that a delisting is not planned, ensuring OHB will remain publicly traded.

Investors are awaiting further financial details, which will be provided when OHB publishes its audited annual report for 2025 on March 19. These figures will offer the first detailed insight into margin progression and liquidity position—a timely disclosure just as the decision on the company's largest potential defense contract approaches.